H1 2026 FINANCIAL HIGHLIGHTS
- Revenues from rental activities increased by 5% to EUR 106 million, compared with EUR 101 million in H1 2025.
- Gross margin from rental activities increased by 10% and reached EUR 73 million, compared with EUR 66 million in H1 2025.
- Adjusted EBITDA increased by 11% to EUR 63 million, compared with EUR 57 million in H1 2025
- FFO I amounted to EUR 17 million, compared with EUR 16 million in H1 2025, with FFO per share at EUR 0.03.
- EPRA NTA per share stood at EUR 1.93 (PLN 8.27).
- Net LTV stood at 58.7%¹, compared with 57.0%¹ as of 31 December 2025.
- Cash amounted to EUR 34 million, with a further EUR 43 million held in deposits.
- The Group reported a loss after tax of EUR 18 million in H1 2026.
- GTC successfully refinanced EUR 330.5 million of short-term bank loans, further strengthening its debt maturity profile.
H1 2026 PORTFOLIO HIGHLIGHTS
- Nearly 69,400 sqm of commercial space leased, including 40,700 sqm of office space and approximately 28,700 sqm of retail space.
- The occupancy rate of the income-generating commercial portfolio remained stable at 87%, unchanged compared with the end of 2025.
- Weighted average lease term stood at 3.7 years for retail space and 3.5 years for office space.
- Sale of part of residential land plots in Budapest and residential units in Germany with EUR 9 million proceeds received in H1 2026 and remaining EUR 7 million expected in H2 2026. In addition, the sale of Avenue Mall and Avenue Center buildings in Zagreb and residential landplot in Bucharest was finalized in Q3’26 with expected combined net proceeds of €36m (after debt, minorities and tax payments on Avenue Mall sale).
“The first half of 2026 confirms the positive operating momentum in our business. Revenues from rental activities increased by 5%, while gross margin and FFO also improved year-on-year, with commercial portfolio occupancy remaining stable. At the same time, we continued to address our financing structure, successfully refinancing more than EUR 330 million of short-term bank loans. Our portfolio optimisation activities, including the disposal of assets in Zagreb, Budapest, Bucharest and Germany, further support our liquidity. We remain focused on strengthening the performance of our core portfolio and maintaining a disciplined approach to the balance sheet,” said Botond Rencz, CEO of GTC.
